: EPFO launches facility to bulk transfer of funds #FinanceIndia #StockMarketNEWS EPFO launches facility to bulk transfer of funds New Delhi, Oct 10 (KNN) To enhance ease of doing business by increasing

@StockMarketNEWS Mon 12 Oct, 2020

Posted in: #FinanceIndia #StockMarketNEWS

EPFO launches facility to bulk transfer of funds #FinanceIndia #StockMarketNEWS
EPFO launches facility to bulk transfer of funds New Delhi, Oct 10 (KNN) To enhance ease of doing business by increasing the speed of funds transfer for exempted establishments, ministry of labour and employment has released a new facility of bulk transfer of funds and data from exempted trusts to EPFO through a single payment.

Apurva Chandra, IAS, Secretary (Labour & Employment) launched it, during his first visit to EPFO headquarters on 7th October, 2020.

EPFO has now released the functionality for bulk transfer of funds from exempted establishments to EPFO through a single payment. Exempted establishments are those establishments which have been granted exemption under Section 17 of EPF & MP Act, 1952 and manage the provident fund of members themselves under over all supervision of EPFO. On change of employment for a member from exempted to unexempted establishment, his past accumulations are transferred to EPFO.

Till now exempted establishments had to approve and transfer the funds one-by-one for each member. Larger establishments requiring to transfer the funds of many employees each day, found the process very cumbersome and time taking.

Under the new facility, exempted establishments can bulk upload data and transfer the funds for large number of members, through a single payment. This initiative is expected to benefit around 1500 exempted establishments of EPFO.

All transaction between EPFO and exempted establishments have already been made electronic, thereby eliminating issues regarding delay and reconciliation of funds transferred. In case of member shifting job from unexempted to exempted establishment.

EPFO electronically transfer the funds in the bank account of the exempted establishment and the details of the transaction is made available in the login of the establishment. This has enabled faster crediting of funds in the account of the member maintained by exempted establishment.

Further, exempted establishments have already been provided the facility to file their monthly returns and Electronic Challan-cum-Return (ECRs) for remittance of Pension Fund contribution electronically, thereby facilitating compliance in a hassle free manner.

Another initiative launched by Secretary (Labour & Employment) during his visit to EPFO headquater, will enabled its members to apply for obtaining Scheme Certificate under Employees’ Pension Scheme, 1995 through Umang App. Scheme Certificate is issued to members who withdraw their EPF contributions but wish to retain their membership with EPFO, to avail pension benefits on attainment of retirement age.

The ease of applying for Scheme Certificate through UMANG App will now help members to avoid unnecessary hardship of physically applying for it, especially during COVID-19 pandemic times.